About
Our Vision and Mission
Financing for Agricultural SMEs in Africa (FASA) is a multi-donor fund-of-funds dedicated to unlocking financing for Africa’s underserved agri-SMEs. By investing in and supporting investment fund managers, FASA channels catalytic capital into businesses that drive sustainable growth in the agricultural sector.
At its core, FASA’s mission is to reduce the funding gap faced by agri-SMEs by mobilizing catalytic capital to attract private and institutional investment into the sector, enhancing the capacity of fund managers to invest in impactful agri-SMEs, and fostering a supportive ecosystem that enables long-term sustainability and resilience.
Through these three interconnected pathways, FASA’s vision is to transform African agriculture by enhancing food security and nutrition, improving livelihoods, and promoting climate-smart value chains.
Why FASA
Three out of four agri-SMEs cannot access bank loans, and are too large for microfinance, creating an estimated $100 billion gap in unmet demand for financing.
FASA aims to help bridge this financing gap, recognizing the vital role that agri-SMEs play in Africa’s food systems, employment, and economic resilience. These businesses are the backbone of agricultural value chains, and their growth is essential for tackling food security, job creation, and climate adaptation :
- Agri-SMEs handle over 60% of all food production and trade on the continent
- They create 70% of formal employment in food systems
- They serve as the primary market channel for Africa’s ~61 million smallholder farmers, with 95% of farmers selling their produce to SME processors, wholesalers, or aggregators.
- They handle ~80% of total food consumption playing a pivotal role in strengthening domestic food production and ensuring food security.
- They are highly vulnerable to climate change, yet lack the resources to invest in adaptation and mitigation strategies.
Team & Partners
FASA is managed by Investisseurs & Partenaires (I&P), a pioneer in impact investing with over 20 years of experience supporting African entrepreneurs and fund managers.
Key Partner
CGIAR ImpactSF: Agricultural and climate partner, providing data-driven insights and capacity building.
Funders
FASA was born from the shared ambition of multiple international donors to tackle one of Africa’s most pressing challenges: the $100 billion financing gap faced by agri-SMEs. Recognizing the sector’s vital role in food security, job creation, and climate resilience, FASA was launched with initial contributions from Norway and USAID.
Dedicated team
Wiem Abdeljaouad
Managing Director of FASA
Mamadou NDAO
Investment Director
Hugues Vincent-Genod
Director of Fund-of-Funds activities at I&P
Alexis Thirouin
Financial Director
Thelma Kodowu
Investment Manager
Aïssatou Gaye
Growth and Ecosystems Manager
Lucy Kimeu
Investment Officer
Clémence Bourrin
Communication Director
Governance & Transparency
FASA operates with a robust governance framework designed to ensure transparency, accountability, and alignment with its mission.
A committee composed of external experts who provide guidance and recommendations in respect of investment and divestment opportunities.
FASA Steering Committee
A consultative committee constituted by FASA’s contributors to ensure strategic priorities are met, facilitate networking and engagement of key strategic partners. and provide opinion on any temporary exception or deviation to FASA’s Policy, as well as on situations of conflict of interest.
FASA’s main contributors are gathered in a Committee of Protectors that brings an additional layer of oversight and control to ensure FASA’s objectives are met, with a decision power.
Useful Links
Access detailed information about our policies by clicking on the links below:
Wiem Abdeljaouad
Wiem Abdeljaouad is the managing Director of FASA.
Wiem is in charge of project management and supervises all activities linked to investment, developing FASA’s strategy, and building a pipeline of investment funds. She also contributes to fundraising efforts and to partnership development, liaising with external stakeholders, and leading funder reporting and relationships.
After starting her career in the capital markets in Paris then in London, Wiem shifted towards impact investing when moving to Uganda and joining PCP, an independent fund manager providing debt and equity to start-ups and SMEs operating in the agricultural value chain in Eastern and Southern Africa. Since then, she has been supporting various international organisations and investment fund managers with screening, financial analysis, due diligence, and structuring.
Wiem holds a master’s degree in computer science and applied mathematics, and a MSc in international finance from HEC Paris.
Hugues Vincent-Genod
Hugues manages I&P’s fund-of-funds activities.
Overseeing FASA’s inception, Hugues has provided methodological support, contributed to funders relations, and developed the learning agenda in collaboration with CGIAR. He also set up the FASA Advisory Investment Committee, made up of leading experts in the field of agriculture and SMEs.
Based in Accra between 2011 and 2012, he worked on the launch of the new I&P office in Ghana and the development of the West African portfolio.
From 2013 to 2021, he is in charge of the project I&P Développement 2 (IPDEV2), which consists in sponsoring 10 new African funds over 10 years. He has notably worked with Sinergi Burkina (Burkina Faso), Comoé Capital (Côte d’Ivoire) and on the launch of new impact funds.
Prior to joining I&P Hugues has realized several missions for organisations that support entrepreneurship in France and in Central Africa.
Hugues graduated from London School of Economics and Sciences Po Paris with a Double Degree in Finance and International Affairs.
Publications
• USAID and Partners: Accelerating African Entrepreneurship through Local Impact Investing, Global Entrepreneurship Network, November 2016
• Investing in Africa’s Small and Growing Businesses, May 2015
• Performing due diligence on startups in Africa: analyzing investment opportunities, VC4A, May 2015
• Attracting African Capital to Invest in African Small and Growing Businesses: A Utopia?, Business Fights Poverty, May 2015
• Unlocking Equity For Early-stage Entrepreneurs in Africa, Business Fights Poverty, November 2014
Alexis Thirouin
Alexis is Financial Director at I&P.
Alexis has leveraged his experience in managing fund-of-funds and donor programs to build FASA’s legal set up and governance scheme, liaising with key stakeholders. He was also in charge of developing FASA’s budget, and worked on risks, conflict of interests and processes. He will now supervise middle and back office of the Foundation
Alexis oversees the financial management of I&P Development and I&P Ecosystem.
He holds a Master in Corporate Finance from ESSCA (Ecole Supérieure des Sciences Commerciales d’Angers).
Mamadou NDAO
Mamadou Ndao is FASA’s Investment Director.
Mamadou has notably developed FASA’s technical assistance strategy. He is currently building a promising pipeline of emerging fund managers and managers based in West Africa.
Based in Dakar, Mamadou joined I&P in 2015, where he first followed the group’s investments in Senegal and Benin. In 2018, he joined the I&P Development (IPDEV) team to support the development of local funds and participate in the launch of new investment vehicles.
Prior to joining I&P, Mamadou gained experience in strategy, M&A and budgetary control with the Bel and Natixis groups. He is a graduate of ESCP Europe (Master in Management, specializing in Finance) and completed an academic exchange at IIM Ahmedabad in India.
Thelma Kodowu
Thelma is currently an Investment Manager for FASA (Financing for Agri-SMEs in Africa) where she focuses on catalyzing and channeling capital through investment funds into agricultural SMEs across Africa.
She joined I&P in 2023 as an Investment Manager for the Mastercard Foundation Africa Growth Fund working with the team to support and drive capital into first-time and emerging fund managers in Sub-Saharan Africa.
She comes on board with a rich blend of 13+ years hands-on experience, strategic insight and operational execution in fund-of-funds investment, private equity, corporate advisory, and venture building working especially with fund managers and SMEs in sub-Saharan Africa.
Thelma is passionate about impact investing and the growth potential of SMEs in Africa with a focus on minority and gender-lens investing. Driven by this passion, she co-founded InvestPro Advisors, an advisory business targeted at investment readiness and venture building for women owned/led businesses in Africa to build and implement sustainable and inclusive strategies to scale.
She has also led the design and delivery of venture building and learning programs, and has mentored numerous SMEs through partnerships with accelerators, development agencies, foundations, venture builders, and endowment funds focused on Africa’s development.
Thelma holds an MBA in Finance from Coventry University and she is based in Accra – Ghana. She continues to champion inclusive finance as a pathway to resilient and equitable economic growth across Africa.
Aïssatou Gaye
Aïssatou Gaye joined I&P in 2023 and hold the position of Investment Manager for the Mastercard Foundation Africa Growth Fund program before joining FASA team.
Based in Dakar, Aïssatou has over 7 years of experience in the growth private equity sector in Sub-Saharan Africa, through her time at AFIG Funds.
She is passionate about topics of ecosystem building for private sector financing in Africa.
Aïssatou holds a MA I in Banking & Finance from BEM Dakar and a BA in Management & International Development from ETICCA Dakar.
Lucy Kimeu
Lucy Kimeu is an Investment Officer at I&P and is currently working on FASA. Based in Nairobi, Kenya, she plays a pivotal role in sourcing, screening, conducting due diligence, and monitoring a portfolio of investment vehicles across the African continent.
Lucy joined I&P in 2023 and was initially involved in the capital deployment of the Mastercard Foundation Africa Growth Fund. Prior to joining I&P, she held roles in audit and investment at PwC Kenya, Enza Capital, and TLcom Capital.
She holds a Master’s in Management from the University of East Anglia (Norwich Business School) and a Bachelor’s degree in Commerce (Finance) from Strathmore University. She is an ACCA Affiliate, a graduate of the Africa Venture Finance Program (University of Oxford, Saïd Business School), and a Newton Fellow (London Business School).
Lucy is passionate about bridging the gender financing gap in Africa and is committed to supporting female and local fund managers and founders in raising capital.
Clémence Bourrin
Clémence is is the Director of Communications and External Relations at I&P.
She leads the branding and communication strategy for the FASA fund and oversees all related communication activities.
Before joining I&P, Clémence worked on fundraising and strategic communications for the World Fair Trade Organization Asia, a regional NGO promoting fair trade across Southeast Asia.
She holds a Master’s degree in International Development from Sciences Po Paris.